Rede Offers to Buy Back Perps

Rede Offers to Buy Back Perps

Bonds

Rede Energia has launched a cash tender offer for its 11.125% perpetual bonds. The Brazilian power distributor can purchase up to BRL300m-equivalent in dollars through the offer expiring June 26. Accepting holders are set to receive $400 per $1,000 tendered, plus a clearing premium of up to $80 to be determined through a modified Dutch auction. Holders tendering before June 12 will receive an extra $50 per $1,000 principal. Bank of America and Planner Securities are dealer-managers. Rede plans t

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